With Great Influence Comes Great Responsibility
Influencer culture has exploded in the last number of years with many consumers looking to their social inspirers for guidance and advice. The growth in popularity of business news in particular across social media has given rise to a new wave of influential figures.
In the case of the recent market frenzy around Gamestop, AMC and Dogecoin, Elon Musk’s influence was enormous to the amateur investing community. On Jan 26th Musk tweeted one word - “Gamestonk”. His army of devoted followers sprung into action with Gamestop closing the day on a 92% market increase.
For one man to have such power is as inspiring as it is nerve wracking! It leads to the question should these people take extreme care in promoting things to their followers, especially when there’s serious financial volatility involved? They must realise that what is pennies to them could be make or break for the average person. As in this case there were some winners, but many losers.
What may have just been a poke at fun for Mr Musk had a heavy impact on the amateur investing community. This is a lesson that these figures must sometimes realise just how much of an influence they have on the average person, and take extreme care of what they promote.
When you have a loyal following, it’s crucial you act responsibly and protect their interests!